A contractual right is a legally enforceable claim that an entity has against another party as a result of a contractual agreement. It entitles the holder to receive a financial asset or some other consideration from the other party. Examples of contractual rights include accounts receivable, notes receivable, and investments in debt securities.

A contractual obligation is a legally enforceable commitment that an entity has made to another party as a result of a contractual agreement. It requires the entity to transfer a financial asset or some other consideration to the other party. Examples of contractual obligations include accounts payable, notes payable, and bonds payable.

In accounting, contractual rights and obligations are recorded on the balance sheet as financial assets and financial liabilities, respectively.

As an example, let's say that Company A has provided consulting services to Company B and has not yet received payment. Company A has a contractual right to receive payment from Company B, which is recorded as an accounts receivable on Company A's balance sheet. On the other hand, Company B has a contractual obligation to pay Company A for the consulting services provided, which is recorded as an accounts payable on Company B's balance sheet.

In general, contractual rights and obligations are important for financial reporting and analysis as they provide information about an entity's ability to generate future cash flows and its financial position.